InfoAnda - Asian Development Bank to help restore Silk Route

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Asian Development Bank to help restore Silk Route AP - Friday, November 14 ALMATY, Kazakhstan - Kazakhstan will receive a $700 million loan from the Asian Development Bank to help complete an ambitious highway project that traces the ancient Silk Road trading route, the bank said Thursday. Backers of the 2,715-kilometer (1,687-mile), $6.7 billion road hope it will increase commercial traffic across the poor, remote regions of Central Asia. "This new silk road will boost trade between Beijing and Brussels, and create extraordinary economic opportunities for the people of Kazakhstan and their neighbors," Asian Development Bank official Juan Miranda said. The Islamic Development Bank and the Japan International Cooperation Agency have also pledged to invest $414 million and $150 million respectively. The project, officially known as the Central Asian Regional Economic Cooperation Transport Corridor, could boost trade in the region by more than 60 percent by 2030, the Asian bank said in a statement. Transportation infrastructure in Kazakhstan _ a landlocked country that covers an area approximately five times larger than France _ has suffered for years. Poor road conditions force up freight costs and contribute to high accident rates. Work on the project will start next year. Other countries in Central Asia have attracted significant investment in road-building from China, which has lent hundreds of millions of dollars to help improve routes through mountainous regions in impoverished Tajikistan and Kyrgyzstan. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business FTSE slides 1.8 pct as economic misery deepensReuters - 59 minutes ago Wall Street heads to lower openAP - 59 minutes ago Russia jails financier for central banker's murderReuters - 1 hour 1 minute ago Gameworld: Videogame guru tunes into interactive musicReuters - 1 hour 1 minute ago TOPWRAP 5-Germany and China feel the pain of global downturnReuters - 1 hour 3 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Germany in recession as US scraps toxic asset buy-up Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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